We all can't be the No. 1 seed and luckily in business you don't need to be to oust your competitors from the top ranks quickly. Regardless of if you are larger or smaller than your immediate competition, with a little pressure where it hurts a strong marketing plan can drive the customers you need to build your growing business.
In the spirit of March Madness, I provide you with a modified version of the age-old SWOT analysis (strengths, weaknesses, opportunities, and threats). I call it the 'SWEAT' analysis - Strengths, Weaknesses, Exploitable opportunities, Aspirations, and Threats. I have added the word 'Exploitable' as there are many opportunities that you will identify, but as a small business you will most likely need prioritize and focus on the few that are truly exploitable and that will give you a winning edge over your competitors. 'Aspiration' is something I have added in here because it drives every successful entrepreneur and corporation for that matter - it's the passion and emotional drive for why employees come to work and it should be core to how you prioritize and develop your marketing strategy. It's the will behind the marketing way. So let's break apart each of these elements as it relates to your business.
1. Know Your Strengths. In any sport or business, you need to have an honest understanding of what your team is good at and where your strengths lie. Do you have the most easy-to-use product on the market? Do you have better selection than anyone else on the block? Do you offer the best service barnone? Whatever it is, know what you are good at and why your loyal customers keep coming back. Engage closely with your customers and don't just let them get off easy. Ask them about how they use your product, if they have tried competitor products in the past, and what specific elements they like about your product. Often times it's not an obvious answer. You may have t-shirts with great logos, but it's the quality of the shirt that keeps customers wanting to come back. You may think that you offer the best coffee on the block, but it's really that your baristas always cheer up your morning customers. Rolling up your sleeves and understanding the underlying reasons for why customers love you is at the heart of every strong marketing strategy.
2. Know Your Weaknesses. Be honest with yourself. Every team has weak links and your business probably does too - your customers will tell you what they don't like and what they would change. Take the time to listen to them and seriously consider if you need to invest the time into making changes. You may not be able to solve all the problems your customers express, but just listening might be part of the issue.
3. Understand Your Threats: Every world-class team knows who the primary opponents are and they take the time to study their playbook. Know your competitor's playbook inside out and forward and backwards. If they are a service, read their reviews on Yelp, twitter, Google+, and elsewhere. Hire someone to mystery shop at their store. Take copious notes on the full end-to-end experience. If they are a product or an app, read reviews in the app store or on Amazon and read up on how they position themselves in the marketplace. Understand where they advertise and how often and in what channels they reach out to customers. You can't turn a blind eye to what people are saying about your competitors and in that dialogue are some golden nuggets for crafting your plan of attack.
4. Take advantage of Exploitable opportunities. Once you know what your good at and your competitors, weakest links, you can hit them where it hurts most. Do your competitor's customers complain about how they don't return phone calls? Get an answering service and provide 24/7 service to win them over. IS the food good but the coffee is bad? Offering gourmet coffee with a decent meal may be your ticket to success. Understanding the key weaknesses of your competitor will give you the insights you need to provide alternatives to their frustrated customers who are looking for something better.
5. Follow Your Aspirations. Lastly, while winning the game is important to your bottom line, if you are like most entrepreneurs I know, it's not a win unless it's on your terms. Don't compromise your end vision for what you want to build (heck - Steve Jobs didn't) and be sure to show good sportsmanship throughout - after all it's a game and games are in theory supposed to be enjoyable. Plus, when it comes to the bottom line, everyone is out to just make a living.
So there you have it, the March Madness SWEAT analysis. And if you've already mastered these already, here's a Bonus Point for good measure. Depending on the industry that you are in, you may not realize it but your immediate competitor may actually be your biggest ally. For example, on a block of established restaurants you and your competitor may be the only two vegan restaurants in town. This occurs often in areas where you are both trying to disrupt a long established technology or way of doing business so you may not want to immediately go head to head. Pooling your efforts, either overtly or covertly, may actually be a bigger divisional win than going it alone!
In the spirit of March Madness, I provide you with a modified version of the age-old SWOT analysis (strengths, weaknesses, opportunities, and threats). I call it the 'SWEAT' analysis - Strengths, Weaknesses, Exploitable opportunities, Aspirations, and Threats. I have added the word 'Exploitable' as there are many opportunities that you will identify, but as a small business you will most likely need prioritize and focus on the few that are truly exploitable and that will give you a winning edge over your competitors. 'Aspiration' is something I have added in here because it drives every successful entrepreneur and corporation for that matter - it's the passion and emotional drive for why employees come to work and it should be core to how you prioritize and develop your marketing strategy. It's the will behind the marketing way. So let's break apart each of these elements as it relates to your business.
1. Know Your Strengths. In any sport or business, you need to have an honest understanding of what your team is good at and where your strengths lie. Do you have the most easy-to-use product on the market? Do you have better selection than anyone else on the block? Do you offer the best service barnone? Whatever it is, know what you are good at and why your loyal customers keep coming back. Engage closely with your customers and don't just let them get off easy. Ask them about how they use your product, if they have tried competitor products in the past, and what specific elements they like about your product. Often times it's not an obvious answer. You may have t-shirts with great logos, but it's the quality of the shirt that keeps customers wanting to come back. You may think that you offer the best coffee on the block, but it's really that your baristas always cheer up your morning customers. Rolling up your sleeves and understanding the underlying reasons for why customers love you is at the heart of every strong marketing strategy.
2. Know Your Weaknesses. Be honest with yourself. Every team has weak links and your business probably does too - your customers will tell you what they don't like and what they would change. Take the time to listen to them and seriously consider if you need to invest the time into making changes. You may not be able to solve all the problems your customers express, but just listening might be part of the issue.
3. Understand Your Threats: Every world-class team knows who the primary opponents are and they take the time to study their playbook. Know your competitor's playbook inside out and forward and backwards. If they are a service, read their reviews on Yelp, twitter, Google+, and elsewhere. Hire someone to mystery shop at their store. Take copious notes on the full end-to-end experience. If they are a product or an app, read reviews in the app store or on Amazon and read up on how they position themselves in the marketplace. Understand where they advertise and how often and in what channels they reach out to customers. You can't turn a blind eye to what people are saying about your competitors and in that dialogue are some golden nuggets for crafting your plan of attack.
4. Take advantage of Exploitable opportunities. Once you know what your good at and your competitors, weakest links, you can hit them where it hurts most. Do your competitor's customers complain about how they don't return phone calls? Get an answering service and provide 24/7 service to win them over. IS the food good but the coffee is bad? Offering gourmet coffee with a decent meal may be your ticket to success. Understanding the key weaknesses of your competitor will give you the insights you need to provide alternatives to their frustrated customers who are looking for something better.
5. Follow Your Aspirations. Lastly, while winning the game is important to your bottom line, if you are like most entrepreneurs I know, it's not a win unless it's on your terms. Don't compromise your end vision for what you want to build (heck - Steve Jobs didn't) and be sure to show good sportsmanship throughout - after all it's a game and games are in theory supposed to be enjoyable. Plus, when it comes to the bottom line, everyone is out to just make a living.
So there you have it, the March Madness SWEAT analysis. And if you've already mastered these already, here's a Bonus Point for good measure. Depending on the industry that you are in, you may not realize it but your immediate competitor may actually be your biggest ally. For example, on a block of established restaurants you and your competitor may be the only two vegan restaurants in town. This occurs often in areas where you are both trying to disrupt a long established technology or way of doing business so you may not want to immediately go head to head. Pooling your efforts, either overtly or covertly, may actually be a bigger divisional win than going it alone!
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